Swatch profit plunges almost 75%, hit by weakness in China [Fortune]
SWATCH GROUP AG UNSP/ADR (SWGAY)
NASDAQ:AMEX Investor Relations:
swatchgroup.com/investor_relations/financial_announcements/latest_financial_announcements
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Source: Fortune
Operating profit declined 75% to 304 million Swiss francs ($335 million) in 2024, below analyst estimates, it said in a statement Thursday. Sales dropped 12.2%. Shares fell 7% in early trading in Zurich. The disappointing results came alongside industry figures showing that Swiss watch exports declined for a fourth straight month in December. Overall exports fell 5.4% year-on-year, with China down 19%. The watch industry, as with the luxury sector, has struggled since an inflation spike led consumers to curb spending after a pandemic boom The company expects substantial improvements in sales and results in 2025, though demand in China will “continue to be rather restrained.” “The watch sector remains in a very difficult situation, as the Swatch Gro
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News
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- Swatch became the elite Swiss watch industry's crusader by making colorful plastic timepieces. Now it'll have to prove itself once again [Fortune]Fortune
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